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South Plains Financial, Inc. Announces Approval of a New Stock Repurchase Program
LUBBOCK, Texas, May 19, 2022 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board
About this update from South Plains Financial, Inc.
[{"type":"text","content":"LUBBOCK, Texas, May 19, 2022 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board of directors of the Company (the “Board”) approved a new stock repurchase program for up to $15.0 million of the outstanding shares of the Company’s common stock (the “New Stock Repurchase Program”), beginning on the date on which the existing stock repurchase program expires due to depletion of funds previously allocated to it by the Board (the “expiring stock repurchase program”) and concluding on May 21, 2023, subject to earlier termination or extension of the New Stock Repurchase Program by the Board. The expiring stock repurchase program, which was originally announced on November 1, 2021, has approximately $1.6 million remaining of funds previously allocated by the Board to repurchase shares of the Company’s common stock. Under the New Stock Repurchase Program, the Company may repurchase shares of common stock from time to time in open market purchases or privately negotiated transactions. Any open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases under the New Stock Repurchase Program may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including the performance of the Company’s stock price, general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin or terminate repurchases at any time prior to the New Stock Repurchase Program’s expiration, without any prior notice. About South Plains Financial, Inc. South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking...